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PPP Loan Data — Hartmann Electric Company Inc,
Elk Grove Village, IL
Hartmann Electric Company Inc
Entity: Subchapter S Corporation
Industry: Electrical Contractors and Other Wiring Installation Contractors
Location: Elk Grove Village, IL
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Hartmann Electric Company Inc is a subchapter s corporation located at 750 Lee St in Elk Grove Village, Illinois that received a Coronavirus-related PPP loan from the SBA of $1,740,000.00 in January, 2021.
The company has reported itself as a male owned business, and employed at least 99 people during the applicable loan loan period.
$
PPP Loan Information
Loan #4649038307
Loan Size:
Jobs Retained:
99Loan Approved:
2021-01-23Loan Status:
Paid in Full or ForgivenLender:
American Commercial Bank & Trust, National AssociationHartmann Electric Company Inc in Elk Grove Village, IL received a Paycheck Protection Loan of $1.74M through American Commercial Bank & Trust, National Association, which was approved in January, 2021.
This loan's status is reported by the SBA as "Paid in Full", which includes both loans repaid and those fully forgiven from repayment under PPP guidelines. The loan's status was last updated by the SBA in September, 2021.
Payroll Estimates Based On SBA PPP Loan Eligibility Formula
Understanding The SBA Formula For Determining PPP Loan Eligibility
The simplest way to describe the standard PPP calculation is that businesses are eligible to receive a maximum PPP loan of up to 2.5 x average 2019 monthly payroll costs. However, specific calculation methods vary based on entity type and have numerous qualifications.
Read MoreUnderstanding Payroll Estimates Based On PPP Amount
Please note that payroll estimations are based on a simplified PPP eligibility formula and do not account for factors such as salaries over $100k and other PPP eligibility components.
Read MoreBased on the standard PPP eligibility formula, it may be possible to estimate the payroll expenses represented by a company on their PPP application (see details above). In order to qualify for the PPP loan amount received, Hartmann Electric Company Inc's 2019 payroll expenses are estimated to be at least $8.35M.
Based on their reported 99 jobs retained, this equals an estimated average yearly compensation of $84,364 per employee1
Reported PPP Proceed Usage:
On the PPP application, Hartmann Electric Company Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,739,998
- Utilities: $1
Business Information - Hartmann Electric Company Inc in Elk Grove Village, IL
750 Lee St
Elk Grove Village, IL 60007
Business Industry:
Electrical Contractors and Other Wiring Installation Contractors
NAICS code 238210
Business Owner Demographics
Race: Unreported
Ethnicity: Unreported
Gender: Male Owned
Veteran Status: Unreported
Business Demographics
Business Age: Existing or more than 2 years old
LMI Zone: N
HUBZone: N
Rural / Urban: Urban
Similar Companies near Elk Grove Village
In the Elk Grove Village area, 54 businesses in the "Electrical Contractors and Other Wiring Installation Contractors" industry received a PPP loan. These local businesses reported an average of 26 employees (compared to this company's 99) and received an average PPP loan of $609,195 (compared to this company's $1.74M).
Similar Nearby Businesses Who Received PPP Funding:
Belec Electrical Inc
Elk Grove Village, IL
E & J Hill Electric Inc
Rolling Mdws, IL
Galaxy Enterprises Inc
Elk Grove Village, IL
Pagoda Electric & Construction Inc
Elk Grove Village, IL
Sprint Electrical Service Inc
Elk Grove Village, IL
Dyros Inc
Elk Grove Village, IL
MTA USA Corp
Elk Grove Village, IL
Smart Technology Solutions Inc
Elk Grove Village, IL
Industry PPP Comparison Statistics
Nationwide, 81,495 businesses in the "Electrical Contractors and Other Wiring Installation Contractors" industry received a total of $11.75B in PPP loans. This industry in total received less than 1% of the total PPP funding distributed.
PPP recipients in this industry report an average of 11 employees, 89% lower than Hartmann Electric Company Inc's reported 99 employees, and received an average PPP loan of $144,173, 92% lower than this company's loan of $1.74M.
Hartmann Electric Company, Inc
Entity: Subchapter S Corporation
Industry: Electrical Contractors and Other Wiring Installation Contractors
Location: Elk Grove Village, IL
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Hartmann Electric Company, Inc is a subchapter s corporation located at 750 Lee St in Elk Grove Village, Illinois that received a Coronavirus-related PPP loan from the SBA of $3,259,600.00 in April, 2020.
The company has reported itself as a male owned business, and employed at least 100 people during the applicable loan loan period.
$
PPP Loan Information
Loan #5142067010
Loan Size:
Jobs Retained:
100Loan Approved:
2020-04-05Loan Status:
Paid in Full or ForgivenLender:
American Commercial Bank & Trust, National AssociationHartmann Electric Company, Inc in Elk Grove Village, IL received a Paycheck Protection Loan of $3.26M through American Commercial Bank & Trust, National Association, which was approved in April, 2020.
This loan's status is reported by the SBA as "Paid in Full", which includes both loans repaid and those fully forgiven from repayment under PPP guidelines. The loan's status was last updated by the SBA in July, 2021.
The size of company's PPP loan indicates that the number of employees on payroll during the eligibility calculation period (typically 2019) was higher than the 100 jobs reported as retained on the PPP application3. This could be caused by a reduction in employment since 2019, due to Coronavirus or other factors.The minimum number of employees this company must have had in 2019 to qualify for the loan range received is 156. This estimation is accurate if all employees were paid at or over the $100k PPP salary eligibility cap.
Payroll Estimates Based On SBA PPP Loan Eligibility Formula
Understanding The SBA Formula For Determining PPP Loan Eligibility
The simplest way to describe the standard PPP calculation is that businesses are eligible to receive a maximum PPP loan of up to 2.5 x average 2019 monthly payroll costs. However, specific calculation methods vary based on entity type and have numerous qualifications.
Read MoreUnderstanding Payroll Estimates Based On PPP Amount
Please note that payroll estimations are based on a simplified PPP eligibility formula and do not account for factors such as salaries over $100k and other PPP eligibility components.
Read MoreBased on the standard PPP eligibility formula, it may be possible to estimate the payroll expenses represented by a company on their PPP application (see details above). In order to qualify for the PPP loan amount received, Hartmann Electric Company, Inc's 2019 payroll expenses are estimated to be at least $15.65M (not accounting for salary amounts > $100k).
Because the 100 jobs reported are not enough to account for the loan range received, per-employee payrolls cannot be estimated.
Reported PPP Proceed Usage:
On the PPP application, Hartmann Electric Company, Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $3,259,600
Business Information - Hartmann Electric Company, Inc in Elk Grove Village, IL
750 Lee St
Elk Grove Village, IL 60007
Business Industry:
Electrical Contractors and Other Wiring Installation Contractors
NAICS code 238210
Business Owner Demographics
Race: Unreported
Ethnicity: Unreported
Gender: Male Owned
Veteran Status: Unreported
Business Demographics
Business Age: Existing or more than 2 years old
LMI Zone: N
HUBZone: N
Rural / Urban: Urban
Similar Companies near Elk Grove Village
In the Elk Grove Village area, 54 businesses in the "Electrical Contractors and Other Wiring Installation Contractors" industry received a PPP loan. These local businesses reported an average of 26 employees (compared to this company's 100) and received an average PPP loan of $609,195 (compared to this company's $3.26M).
Similar Nearby Businesses Who Received PPP Funding:
Belec Electrical Inc
Elk Grove Village, IL
E & J Hill Electric Inc
Rolling Mdws, IL
Galaxy Enterprises Inc
Elk Grove Village, IL
Pagoda Electric & Construction Inc
Elk Grove Village, IL
Sprint Electrical Service Inc
Elk Grove Village, IL
Dyros Inc
Elk Grove Village, IL
MTA USA Corp
Elk Grove Village, IL
Smart Technology Solutions Inc
Elk Grove Village, IL
Industry PPP Comparison Statistics
Nationwide, 81,495 businesses in the "Electrical Contractors and Other Wiring Installation Contractors" industry received a total of $11.75B in PPP loans. This industry in total received less than 1% of the total PPP funding distributed.
PPP recipients in this industry report an average of 11 employees, 89% lower than Hartmann Electric Company, Inc's reported 100 employees, and received an average PPP loan of $144,173, 96% lower than this company's loan of $3.26M.
FederalPay's PPP Information Policy
Paycheck Protection Loan data has been made public by the Small Business Administration (SBA) for all private companies that received a PPP loan.
All information displayed on this page is publicly available information under PPP loan guidelines, in compliance with 5 U.S.C. § 552 (Freedom of Information Act) and 5 U.S.C. § 552a (the Privacy Act) and is published unmodified, as provided by the SBA. FederalPay does not modify the data and makes no claims regarding its accuracy.
Any corrections or modifications to this data can only be made via the SBA. For more information, please see the FederalPay PPP Data Policy.
Footnotes & Information
1. Estimations for informational purposes only. Payroll and salary estimates assume the borrower used the standard PPP calculation of 2.5 x average 2019 monthly payroll costs to determine PPP loan eligibility. Calculation methods vary based on entity type. Please read the latest official SBA PPP calculation rules for a full explanation of PPP loan amount calculation methods.
2. If a company's reported number of employees divided by the maximum PPP range amount per the SBA is greater than $100,000, the estimated maximum PPP loan received by the company can be adjusted down to assume no more than $100,000 yearly salary per employee was used in the PPP application. While employees at the company may earn more, $100k / employee is the maximum amount that can be used in PPP eligibility calculations.
3. Since the PPP eligibility will include a maximum of $100k in salary expenses for each employee in the qualifying period, the minimum number of employees required to be eligible for a given PPP loan amount can be calculated by the following equation: ((LOAN AMOUNT/2.5 months) * 12 months) / 100k max salary. If a company reports fewer employees than this amount on their PPP application, it is likely because they had more employees on payroll during the qualifying period.
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